Jensen departs WAM board
The on-going tussle for control of the Hunter Hall Global Value (HHV) fund has created board casualty for WAM Capital Limited (QAM) with the resignation of HHV chairman, Paul Jensen from the WAM board.
Jensen announced his resignation decision to the Australian Securities Exchange (ASX) today saying that it he had done so reluctantly but that the situation between WAM and HHV had left him little option.
"Having considered WAM's operations as a whole and the current business environment in which it is operating, I have reached the decision that the differences of opinion between Wilson Asset Management Pty Limited as the manager of WAM, and HHV as to the future of HHV, mean that my role as a director of WAM may provide a distribution from the issues that the business has to address to ensure the best interests of all shareholders are protected," Jensen's letter said.
The letter noted that Jensen had been an independent non-executive director of WAM for over 12 years and was appointed to the board of HHV in October 2015 following a search by HHV for a new independent non-executive director.
Jensen's letter sought to reassure shareholders of HHV that he remained committed to the company and would continue to act in the best interests of all shareholders.
Recommended for you
Economists feel it is likely that the RBA would have discussed the possibility of a rate hike at yesterday’s board meeting, pushing the possibility of rate cuts further down the road.
AMP has launched an alternative debt fund to provide investors with exposure to global private debt.
Some 44 per cent of top quartile bond funds in 2021 remained in the top quartile two years later, according to S&P Dow Jones research, far higher than their equity counterparts.
Perpetual has announced the outcome of a six-month strategic review and discussions with private equity giant KKR regarding its corporate trust and wealth management businesses.